American Contractor

B*** S***

Well Frank, you'll have to do better than that.

Your assertion that this report is B.S. is an unqualified opinion. Perhaps you can post something other than an op-ed to back up your position?

Quite frankly (no pun intended), your's is exactly the type of response I would expect from the typical Warka proxy investor who frequents most Dinar forums; typical, because when faced with factual information accompanied by supporting documentation, you summarily dismiss it as buncombe because it does not jibe with your understanding (or lack there of) of the current investment climate of Iraq.

A word to the wise; stay tuned to this site for future developments.

Thank you for the info provided in this article. It appears that Warka bank account holders will be okay in any fallout. Are there any hints or precedents as to how the CBI will handle the proxy shares? Are their any other banks that have bought in advance of the FIL as proxy purchases? Do you think they will fine Warka but let the ownerships transfer anyway? Thank you in advance for reviewing my additional questions. FYI- was I doing something wrong because I was only able to see the ISX document in Arabic? Is there an English version I could read.
Appreciate your work.

I don't see the name Warka mentioned anywhere on that Memo...?? or anything about proxy stocks.... where are you getting this information from...??

Trish - Per the ISX Memo those proxy shares have been seized by the Iraq Stock Exchange. Saad as the principal in the investigation to include the others that are named in the ISX Memo all assets are subject to seizure.

There is no other Iraqi Bank that participated in a proxy program. As far as the English version it is the second page in the ISX .pdf. When will the ISX allow the release of the proxy shares? More information will be forth coming just keep checking back.

Thanks for reading.

also interesting that "poster boy" got out just before this hit the fan - just saying - i'd be freaking if i bought his hsbc shares during his fire sale - wow

What a load of C***.

Thanks for the answers. I apologize for stating Warka since it did not appear in the memo. I had already been made aware of the proxy issue and it's Al-Bunnia link, hence made the Warka name in my post. Please accept my correction. I will check back to see how the shares issues plays out. Thanks

Get your facts straight before you publish them...

Dear Mr. T

December 15, 2007

Thank you for bringing this matter to my attention it is always a pleasure to provide you with my detailed response to such false and incorrect allegations. I would like to bring to your kind attention that this ill rumor is not related in anyway to Warka Bank for Investment and Finance and has no connection or association to the bank or to the proxy company which is one of the many companies are bank owns. In fact our proxy company executed stock orders firmly and affirmatively throughout this week and participated at Thursday’s trading session executing the largest amount of orders keeping us in the lead among the competing brokerage firms.

The Central Bank of Iraq supervises and monitors the transactions of each and every single bank in Iraq and if the Central Bank of Iraq suspected any illegal transaction from any Iraqi Bank they will immediately stop its operations. It is well known fact that all funds transferred from our bank is done through the Central Bank of Iraq in accordance with their regulations and guidelines. Official documentation must be submitted to the Central Bank of Iraq which explains in detail the purpose of the transaction which must be in full compliance with their compliance department in which an approval is than granted to execute the transfer of funds. Also with regards to incoming funds all the funds are first approved by the ordering institution and further checked by our corresponding bank in which all our corresponding banks have signed the US Patriot Act confirming the legitimacy of the funds.

Warka maintains an excellent record at the Central Bank of Iraq and even better record at the ISX and this matter can be further verified from the CBI and ISX. We are working at full pace five days a week and we are still providing better banking services than any other bank in Iraq executing our transactions on a daily basis with great efficiency and quality performance proving that we are the number one private bank in Iraq . Under the approval and consent of the Central Bank of Iraq we have recently expanded our business operations such that we have purchased a second private bank in Iraq and we are the first Iraqi Bank to receive an official approval from the CBI to open a branch in Beirut which the Central Bank of Lebanon also approved with great pleasure. By the start of 2008 we will further expand our business operations such that we reach 100 branches covering the entire Iraqi network making sure that banking services are provided to everyone in Iraq .

Warka Bank for Investment and Finance has worked very hard to be the number one bank in Iraq spending millions of USD on its banking system and products being in the forefront among all its competitors to ensure the satisfaction of our clients. We were the only financial enterprise that was willing to handle and open foreign accounts despite the threats received to our bank and dedicated staff including myself because we strongly believe that this is the time to set an example that only through cooperative efforts will peace, stability and prosperity be fulfilled. This represents a great opportunity the advantage of which must be utilized in catering to the financial requirements of our foreign friends. Such an example will lay the foundations in the fight against the funding of terrorism.

We have always felt that our foreign clients represent a vital part of our enterprise and a key factor behind its continuous success and growth. With over 8000 foreign clients the majority being US citizens we hold an obligation to payback the contribution and support gained by providing our banking services right at your door steps making you feel right at home.

We will be successful in providing services to our clients and their suppliers, and our success can be determined by the correspondents who are cooperating with us worldwide. Our world class service and expertise has helped you manage, protect and grow your wealth and that of our entire clients.

To be very frank if such a charge was true and ever existed both the Iraqi Government, CBI and Multi National forces will not permit us to operate.

This rumor was fabricated by Mr. Al-Bunnia Cousins to seize control of Mr. Saad Al-Bunnia’s assets within Al-Bunnia Group as he is currently the largest shareholder of the Group. This matter was printed in a local Iraqi newspaper indicating the clear innocence of Mr. Al-Bunnia and that he was a victim of a family feud which has been going since 1982.

After his father’s death he inherited his father’s share of the group entitling him to the majority shares and a power struggle has begun ever since. The rumor was conspired recently when Mr. Al-Bunnia purchased shares for the largest building in Baghdad from leading members of Al-Bunnia family gaining control to this potential piece of property in the heart of Baghdad .

Attached is a copy of Memorandum issued by the Multi National Forces issued in 2005 which cleared Mr. Al-Bunnia of similar and same false charges which were brought against him. These same charges will be crushed keeping the name of Warka and its CEO high and I truly hope that our clients stand steadfast and committed with our bank and do allow mere rumors that are intended to smear our remarkable reputation to affect their decision on our bank. All our clients can agree that their investments have grown, interests has been credited to their accounts and ISX requirements fulfilled with the utmost professionalism. I would personally hate to see all the hard work which both my staff and I have given gone wasted simply because of a false rumor or an article written by someone who has no connection to the reality of the subject.

In a country which lacks law and order any charges can be fabricated and brought up against anyone. Mr. Al-Bunnia will always be a target from those people who fear his ongoing success yet justice will prevail and those who strive in building a better Iraq will always stand triumph. Take it from me Mr. Al-Bunnia is outstanding individual with high morals and a person whom I am happy and delighted to call a dear and respectable friend.

Once again I would like to point out that this matter has no affect on Warka Bank for Investment and Finance and related companies and AL-Bunnia Group is an independent affiliation not related to Warka Bank for Investment and Finance. The assets related to Al-Bunnia Group are not linked to Warka Bank for Investment and Finance or the hundreds of companies which Mr. Saad Al-Bunnia owns locally and internationally.

Our dear investors have been accustomed to receiving the truth from me and I am well known for my honesty. I hope the above sets the record straight and that our clients base their decision on the level of services they have received from us and the success they have earned on their investments.

Best regards,

Mohammad K. Issa

Deputy Managing Director

International Affairs

Feel free to email me with your idenity so i can pass it along....

Dear Mr. T,

Tell the American contractor to reveal his true identity to debate with me on the open. I have previously requested him to provide me with his name and contact number but I never received a reply. If I am prepared to take the challenge he should especially when posting such false information about our bank and honourable CEO.

I have received dozens of death threats and other related threats but never hesitated in leaving my duties, morals or believes in serving our foreign clients the best. I believe in my heart that through our sincere actions we contributer to building a better Iraq for our loved ones and the good people of Iraq . I have set an example that by joining our hands together our mutual goals will be achieved and harmony will prevail.

I will dedicate my life in building a new Iraq full of peace, stabilty and glory in which all nationalities can live under one roof.

Best regards,

Mohammad K. Issa

Deputy Managing Director

International Affairs

Steve T., I have in the past year communicated with Mr. Mohammad K. Issa aka Mr. I. We have exchanged emails. I assure you if Mr. I would like to contact me he can by using the email address he has already.

It is interesting that Mr. I sends you (Steve) an email wishing I reveal my true identity when he (Mr. I) already knows who I am and has my contact information.

Mr. I responses are non answers and never mentions anything about the ISX Memo.

What happened at the Dinar "specialty" site - heavy posters with opinions have dropped off like dead flies. My original account was closed and now some are not allowed to PM - since "poster" boy left and the Warka docs hit the stage I have noticed severe censorship on that site - even the littlest ref. to the rumor is being removed within minutes. Anyone know why so secretive over there all of a sudden????

If I open an account in Al-Warka Bank in Iraq, can I use thise account in USA if I travel to USA?